The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold and silver bullion without the inconvenience that is typical of a direct investment in physical bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold and silver bullion and does not speculate with regard to short-term changes in gold and silver prices. The Trust will only purchase and expects only to own “Good Delivery Bars” as defined by the London Bullion Market Association (“LBMA”), with each bar purchased being verified against the LBMA source by representatives from the Trust’s custodian, the Royal Canadian Mint.

Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note 6 of the Generic Notes.

The reconciliation of bullion holdings for the years ended December 31, 2025 and 2024 is presented as follows:


	December 31, 2025		December 31, 2024
	$		$
Balance at beginning of year	5,010,403		4,225,025
Purchases	—		—
Sales	(35,334	)	(25,548	)
Redemptions for physical bullion	(315,276	)	(228,816	)
Net realized gains (losses) on sales and redemptions for physical bullion	200,977		96,055
Net change in unrealized gains (losses)	4,187,707		943,687
Balance at end of year	9,048,477		5,010,403

The acquisition costs of physical gold bullion as at December 31, 2025 and 2024 were $1,743,004 and $1,847,220, respectively. The acquisition costs of physical silver bullion as at December 31, 2025 and 2024 were $888,956 and $934,373, respectively.

If the market value of gold and silver bullion increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $90.5 million (December 31, 2024: $50.1 million); conversely, if the value of gold and silver bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same amount.

As at December 31, 2025, approximately $419 (December 31, 2024: $292) of the Trust’s other assets and accounts payable were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. dollars would not have a material impact to the Trust.

The Trust’s risk is concentrated in physical gold and silver bullion held across three locations, whose value constitutes 58.9% of total equity for physical gold bullion and 30.2% and 10.8% of total equity for physical silver bullion as at December 31, 2025 (68.6% of total equity for physical gold bullion and 23.5% and 7.9% of total equity for physical silver bullion held across three locations as at December 31, 2024).

The Trust pays the Manager a monthly management fee equal to ¹/12 of 0.40% of the value of net assets of the Trust (determined in accordance with the Trust’s trust agreement) plus any applicable sales taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. As at December 31, 2025, the Trust has no management fee payable, as included in Accounts payable in the statements of financial position compared to $1.8 million as at December 31, 2024.

Also, the Manager has agreed that if the expenses of the Trust, including the management fee, at the end of any month exceed an amount equal to ¹/12 of 0.65% of the value of the net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or remain payable to the Manager in future months. The Manager did not waive any amounts payable during the years ended December 31, 2025 and 2024. In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes payable by the Trust or to which the Trust may be subject, and any extraordinary expenses as per the prospectus of the Trust.

As of the taxation year ended December 31, 2025, the Trust had capital losses available for tax purposes of $nil (December 31, 2024: $nil).

During the reporting period, the Trust paid the Manager management fees, as discussed above.